According to CoinMarketCap dataBitcoin price has returned above $67K with a gain of 1.19% in the last 24 hours. Bitcoin seems to have found some stability in this region amid multiple projections of further price gains. Interestingly, popular crypto analyst with X handle Rekt Capital has revealed a specific scenario where Bitcoin can actually build on its current positive performance.
Bitcoin Enters New Range-Bound Market – Rekt Capital
On a X post On July 20, Rekt Capital shared that Bitcoin closed its previous day’s daily candle above the $65,000 support level. According to the analyst, if BTC experiences a price drop to this level, as seen in mid-May, a successful retest will allow the token to reignite its current price rally.
Following the development of this projection, Rekt Capital predicts that the cryptocurrency market leader could reach as high as $71,500, a price region last seen in early June. However, at a later date, publish, Rekt Capital suggests that Bitcoin may not post any further gains beyond this level in the near term. Instead, BTC will enter a range-bound market between $65,000 and $71,500, which is expected to last until August.
However, a potential breakout of this zone would likely result in the asset breaking past its all-time high of $73,750. Alternatively, the failure of $65,000 to serve as a strong support level could allow the price of BTC to drop towards $60,000. In the presence of overwhelming selling pressure, as seen in the first week of July, BTC could drop further to around $56,000–$58,000.
At press time, the crypto market leader continues to trade at $67,394, up 13.5% over the past seven days. Bitcoin’s price performance is now positive across all major timeframes, with gains of 4.05% and 125.27% over the past month and the past twelve months, respectively.
‘Smart’ whale maintains BTC accumulation pattern
In other news, a “smart” crypto whale has been buying up large chunks of Bitcoin in recent days. According to a X postThe whale acquired 213.78 BTC (worth $14.48 million) on Saturday, bringing its cumulative total over the past four days to 677 BTC (worth $45.6 million).
Notably, this trader is known for buying BTC at low prices and selling at high prices, recording over $30 million in profits across two trades in the past year. With the “smart” whale currently in another accumulation phase, BTC could be headed for some major gains in the coming months.